loose vs lose

I've noticed A LOT of players use the term loose when referring to losing a game.
Main Entry: loose
Pronunciation: 'lüs
Function: adjective
Inflected Form(s): loos·er; loos·est
Etymology: Middle English lous, from Old Norse lauss; akin to Old High German lOs loose -- more at -LESS
1 a : not rigidly fastened or securely attached b (1) : having worked partly free from attachments <a loose tooth> (2) : having relative freedom of movement c : produced freely and accompanied by raising of mucus <a loose cough> d : not tight-fitting
2 a : free from a state of confinement, restraint, or obligation <a lion loose in the streets> <spend loose funds wisely> b : not brought together in a bundle, container, or binding c archaic : DISCONNECTED, DETACHED
Main Entry: lose
1 : to undergo deprivation of something of value
2 : to undergo defeat <lose with good grace>
3 of a timepiece : to run slow
- los·able /'lü-z&-b&l/ adjective
- los·able·ness noun
- lose ground : to suffer loss or disadvantage : fail to advance or improve
- lose it
1 : to lose touch with reality; also : to go crazy
2 : to become overwhelmed with strong emotion : lose one's composure <so angry I almost lost it>
- lose one's heart : to fall in love
Main Entry: loose
Pronunciation: 'lüs
Function: adjective
Inflected Form(s): loos·er; loos·est
Etymology: Middle English lous, from Old Norse lauss; akin to Old High German lOs loose -- more at -LESS
1 a : not rigidly fastened or securely attached b (1) : having worked partly free from attachments <a loose tooth> (2) : having relative freedom of movement c : produced freely and accompanied by raising of mucus <a loose cough> d : not tight-fitting
2 a : free from a state of confinement, restraint, or obligation <a lion loose in the streets> <spend loose funds wisely> b : not brought together in a bundle, container, or binding c archaic : DISCONNECTED, DETACHED
Main Entry: lose
1 : to undergo deprivation of something of value
2 : to undergo defeat <lose with good grace>
3 of a timepiece : to run slow
- los·able /'lü-z&-b&l/ adjective
- los·able·ness noun
- lose ground : to suffer loss or disadvantage : fail to advance or improve
- lose it
1 : to lose touch with reality; also : to go crazy
2 : to become overwhelmed with strong emotion : lose one's composure <so angry I almost lost it>
- lose one's heart : to fall in love